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INCOME TAX ASSESSMENT AMENDMENT REGULATIONS 2006 (NO. 2) (SLI NO 61 OF 2006)

- Registered on FRLII: 22 March 2006 09:00:08 AM
- Department:Treasury
- Description:The 'cents per kilometre' method is one of four methods available to taxpayers to calculate a deduction for car expenses. To calculate the deduction, the number of business kilometres the car travelled during the income year is multiplied by a specified number of cents. It is also used in the calculation of taxable value of a number of fringe benefits. The cents per kilometre rates are updated each year in accordance with the rates of motor vehicle allowance for the Commonwealth Public Service set by the Department of Employment and Workplace Relations.

TABLE OF PROVISIONS

   1.      Name of Regulations  
   2.      Commencement  
   3.      Amendment of Income Tax Assessment Regulations 1997  
           SCHEDULE 1 Amendment

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